HDFC Bank of Sri Lanka, signed a Memorandum of Understanding between HDFC Bank and the National Enterprise Development Authority (NEDA) for developing the SME sector in Sri Lanka. The signing of the MOU was between HDFC Bank General Manager/CEO Upali Hettiarachchi and NEDA Chairman/ Director General Omar Kamil.
With this move HDFC Bank will act as the official Banker of NEDA Entrepreneurship Development Programs.
NEDA, is a Government institution which promotes, supports, encourage and find suitable financial assistance for the development of Small and Medium Industries in Sri Lanka.
With this initiative both organizations will work together in the development of the SME sector in Sri Lanka as Small and Medium Enterprises play a crucial role in the economic development process and it helps to alleviate poverty and find solutions for unemployment in the country. Through this effort it is expected to create opportunities for small and medium scale businesses to diversify towards industrial and economic growth, empowerment of people of human capital development with technical skills as it is an integral component of enterprise development, facilitate the access to finances required for enterprise development and operations. It will also be helpful to strengthen demand driven technology transfer, organize training and skills development programs , strengthen the entrepreneurship values thinking and attitudes in the curriculum of primary, secondary, tertiary educational institutions and technical and vocational programs to produce job creators rather than employment seekers. In addition, special programs are planned to develop Women and Youth entrepreneurship development and strengthen the institutional capacity of training institutions, support women led SME and new women entrepreneurs.
This will carry out through various measures such as strengthen women chambers and rewarding women entrepreneurs, strengthen tailor made SME entrepreneurship program for startups, existing enterprises and nursing program for sick industries, officially recognize, reward and motivate successful enterprises and SME heroes to create a culture contributing to entrepreneurial development, disseminate success stories, best practices and strategies adapted to the wider community through media and other outreach, strengthen and support Industry related institutions, associations, chambers and bodies. This will enhance the support for entrepreneurship, strengthen the extension services to cover important services such as preparation of project reports and feasibility reports for credit facilitation, provision of technical information, advisory services, laboratory services, and quality assurance services, support and revive viable sick industries through revitalization, awareness of the concepts, requirements and opportunities in local and support social entrepreneurship ethical production and fair trade branding by creating international markets, strengthening district enterprise forums and regional enterprise forum.
In achieving the objectives of this initiative, the HDFC Bank will coordinate with NEDA to explore the possibilities of promoting credit facilities among the prospective MSME identified by the Bank. The bank will assist MSME to make aware of the capacity building programs on Entrepreneurship development.
The NEDA will arrange to introduce viable MSME to the HDFC Bank who seek financial assistance for SME Development activities eligible under various Development Credit schemes available in the Bank.
Both organizations will jointly organize knowledge sharing training and capacity building programs, entrepreneurship development, Financial Literacy Credit Clinics, Recovery programmes and also will work to minimize knowledge gap between MSME’s and related institutions of the country for the MSME with the professionals in the SME sector on periodical basis.
HDFC Bank Chairman Mr.R.J.De Silva, Chief Operating Officer S.Dissanayake, Manager Development Credit Anura Dissanayaka and the members of the Corporate Management of the Bank were also present at the occasion. NEDA Director Lakxman Wijewardana, Enterprise Promotion Officer Pradeep Dissanayaka represented the NEDA at the signing of the MOU. (Media Release)